Prime Minister Nguyen Tan Dung has approved a foreign investment plan from the Nghe An Tate & Lyle Sugarcane and Sugar Limited Company for an industrial-scale project in dairy cattle raising and fresh milk production in Russia.

The PM assigned the Ministry of Planning and Investment to conduct procedures for granting appropriate registration licenses.

The State Bank of Vietnam will implement guidelines and monitor the company’s compliance with regulations on foreign exchange management. The PM also assigned the Ministry of Labor, Invalids and Social Affairs to guide the company on sending Vietnamese workers to Russia.

The project has total investment capital of $500 million and will be implemented in five districts in Moscow and in three stages to 2025.

Nghe An Tate & Lyle Sugarcane and Sugar Limited Company is a joint venture of the UK’s Tate & Lyle Group, which specializes in sugar manufacturing and business. In early 2011 it was transferred to the TH Group.

At the end of last year Ms. Thai Huong, Chairman of the TH Group, announced plans for the project, with milk being produced under the TH brand. The TH Group currently operates three joint stock companies: TH Milk Food, TH Milk, and the TH Food Chain, manufacturing 29 milk products.